Investment Objective The investment seeks to provide current income exempt from federal income tax and after-tax inflation-adjusted total returns.
The fund primarily invests in tax-exempt obligations issued by states, territories, and possessions of the United States, and their political subdivisions, agencies and instrumentalities. At least 80% of the tax-exempt obligations purchased by the fund will be of "investment grade" quality. It may invest up to 20% of its net assets in securities with income subject to federal income tax, including the Alternative Minimum Tax.